“Renowned” by credit unions for its digital communications capabilities, Eltropy recently announced the acquisition of video banking service provider POPi/o.
The acquisition strengthens Eltropy’s digital communications platform, and represents one of the fastest Fintech expansions in the industry, the company claims. Eltropy now empowers more than 400 credit unions with the tools they require to meet their members where they are, “whether in branch or online.”
Ashish Garg, Co-Founder and CEO of Eltropy, stated:
“During the pandemic, Credit Unions faced the twin challenges of finding new ways to connect with their members remotely while continuing to streamline in-branch services. By joining forces with POPi/o, we’re empowering Credit Unions to build robust virtual branch capabilities and serve members anytime, anywhere, in the channel of their choice.”
“Our world-class Digital Communications platform helps Credit Unions deliver on the promise of digital transformation—improving online and in-branch experiences for members and allowing for more rapid expansion in new markets without the need for a physical presence.”
Reinforced by POPi/o’s Video Banking and contact center technology, Eltropy offers credit unions “a single platform for automated, AI-driven Text messaging, Video Banking, and Secure Chat, as well as chatbots, co-browsing, live observe, and screen sharing capabilities, and eVerify, eNotary, eSign, and Video Check Deposit.”
This digital communications platform “enables Credit Unions with end-to-end virtual branch capabilities, helping them build connections and deliver on the personalized service members expect.”
Now, Credit Unions can use Eltropy to connect their members with staff at any of their branches—”from opening an account, to originating loans, or getting instant service.”
Barb Lowman, President of Credit Union National Association (CUNA) Strategic Services, said:
“Eltropy and POPi/o joining forces creates a tremendous opportunity for the credit union industry, positioning credit unions to leverage this best of class digital communications platform to streamline the way they engage with and serve their members. This path forward not only positions credit unions to drive operating efficiencies and attract and retain profitable members, it improves the member experience and makes credit unions an even more attractive alternative to banks.”
With one quarter of Americans currently ready to switch financial institutions if their digital needs are not met, Credit Unions can “rely on Eltropy to help them deliver exceptional, personalized experiences that make members’ lives easier no matter where they are or what service they need.”
By combining Text and Video Banking capabilities, Credit Unions benefit across various departments:
- Retail Branches: Never miss the opportunity to connect with in-branch video rooms for remote lending. A Remote Online Notary and deposit/new account services also help to centralize staff at the main branch.
- Lending: Secure Text and Video offerings let members communicate in the channel of their choice, with document collection, loan status alerts, and Remote Online Notary helping to speed up the lending process.
- Contact Center: Accelerate digital transformation and member engagement through a seamless combination of AI, Text, Secure Chat, Video banking, voice, co-browsing, and screen sharing technologies. Remote member verification, video check deposit, and chatbots are also all available within the platform.
- Collections: Give members an extra level of convenience with Payment via Text, and mitigate loss by using AI to automate debt collections. Eltropy data shows Text is 40x more effective than phone calls when it comes to collections.
- Marketing: Take charge of reputation management and grow membership and loan volume with QR-codes and Text campaigns—increasing the likelihood of content consumption and five-star reviews.
- In Case of Emergency: Establish efficient communication with members and employees during weather or IT-related issues.
- Human Resources: Streamline recruitment and employee communication via Text campaigns, ensuring important information isn’t lost to an overflowing inbox.
Gene Pranger, Founder and Chairman of POPi/o, remarked:
“Throughout my career, I have been focused on the consumer experience while creating enormous value to Financial Institutions. Through the merger of POPi/o’s Video Banking and Eltropy’s sophisticated Digital Communications Platform, we will be able to fulfill both objectives. Now your members will enjoy seamless communication that will help them find the financial answers and solutions they need while making you the most productive FI in the markets you serve. I would invite every Credit Union senior management team to learn more about this game-changing opportunity.”